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Abbey purchased a house using a fixed rate mortgage. The annual interest rate is 4.2% compounded monthly for 20 years. The mortgage amount is $235,000. What is the monthly payment on the mortgage?
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Abbey purchased a house using a fixed rate mortgage. The annual interest rate is 4.2% compounded monthly for 20 years. The mortgage amount is $235,000. What is the monthly payment on the mortgage?

User Kuba Wasilczyk
by
7.5k points

1 Answer

0 votes
I GOT $9870.

4.2 % OF $235,000 IS $9870.
User Sarang Shinde
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